Coinbase develops a Bitpay competitor supporting BTC, BCH, ETH and LTC
While its trading clients would have preferred Coinbase to focus on improving its core service, the exchange is spreading to another market. Coinbase Commerce was launched to help online stores manage payments in four major cryptocurrencies.
The San Francisco Coinbase Cryptocurrency Exchange has developed a new service that aims to simplify the adoption of multiple cryptocurrency as payments for goods and services by merchants. Coinbase Commerce facilitates the acceptance of crypto-currencies by monitoring, validating and confirming customer transactions on each blockchain. The company says that payments made from its customers are made on the channel.
After a quiet and quiet introductory test period, Coinbase Commerce was made available on Wednesday 14 February for all traders worldwide. Online retailers around the world can now use the service to accept Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC) payments. It allows merchants to accept multiple crypto-currencies directly into a user-controlled wallet. Unlike previous merchant tools developed by the company, it is not a hosted service, which means that retailers have real control over their own digital currency.
Coinbase Commerce developers say it can be directly integrated into a merchant's payment feed or added as a payment option on an ecommerce platform. With just an email address and phone, merchants can sign up and start accepting cryptos payments. The service has already been integrated with Shopify (NYSE: SHOP), headquartered in Canada, one of the largest multi-channel trading platforms, with more than 500,000 merchants for a total gross merchandise volume of more than 45 billions of dollars. They indicate that they are actively adding more integrations with such platforms to make cryptocurrency acceptance as easy as possible for merchants.
While the service can be more easily explained to retailers outside the crypto-currency ecosystem as a Paypal payment for bitcoin, it is no longer a real competitor of the largest bitcoin payment processor in the world today - Bitpay. The digital asset services provider based in Atlanta, Georgia, has been the dominant player in the industry for some time, but Coinbase, whose revenue exceeded $ 1 billion last year, may be the best-placed to challenge it.
Will the competition between Bitbase and Bitbase lead to better services?
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